Abstract
This
study focuses on the determinants of access to finance by SMEs in the city of
Goma. With regard to theoretical and empirical reflections on the issue of
credit rationing, this study explores a dual approach centered respectively on
the theory of informational asymmetry and the governance theory.
Based
specifically on a quantitative approach, the results of the surveys of 271
SMEs, using logistic regression, have clearly demonstrated that access to
finance, in the context of highly imperfect markets such as that of the city of
Goma, depends largely on the following variables: collaterals, solvency,
nondefault, duration of existence and social capital, with reference to the
preponderance of their odds ratios. Specifically, for collateral, it reduces distortions
arising from information asymmetry while discouraging opportunistic behavior by
SME owners. Analysis provided additional results according to which the holding
of an additional income-generating activity as well as the interpersonal
relations of the SME owner with the MFIs increase the probability of access to
financing.
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